Realtors were asked the question – how many pending sales actually go to closing? The answer is “almost all” with only 7% to 8% of contracts terminating.
An increasing problem is contracts that where closing is delayed. Mortgage processing is the primary cause for delays. There is no such thing as a guaranteed settlement date, and it is wise to make plans in case such a delay occurs.
– 63% of contracts are reported as settling on time
– 29% of contracts are delayed, but eventually go to settlement
– Seven to eight percent of contracts do not close—i.e., they are terminated. Generally the potential buyer moves on to another purchasing opportunity
The top 3 reasons why a contract does not close are – financing, issues, appraisal issues, and home inspection issues.
Wallingford PA Real Estate – Wallingford, PA 19086
